Thursday, October 3, 2013

Bitcoin Falls 15% Following FBI’s Silk Road Seizure

Bitcoin is taking it on the chin following the FBI seizure of Silk Road, a popular – and partially hidden – marketplace for drugs and other items generally outside the orbit of the law. As TechCrunch reported earlier today, about $1.2 billion in Bitcoin flowed through Silk Road, resulting in a nearly $80 million commission for the service.

Bitcoin is responding as you would expect, as a core market that accepted it has been taken down, the federal government hemming in on its slice of the web: By rapidly shedding value.